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To everyone aiming to get into finance or banking watch

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    Why? If you're looking to go into this sector, I'm assuming you're very intelligent. You probably have a huge amount of academic potential. So why are you planning to waste it all in an industry that produces absolutely nothing?

    Sure, you'll probably get very rich. But when you look back at your life, won't you feel an immense sense of dissatisfaction? You could have immortalised yourself by becoming a scientist and contributed nuggets of information to the collective human knowledge that will benefit humanity forever. You could have transformed the lives of young people by becoming a teacher, lighting the sparks of young minds and sharing your love of a subject. You could have become a humanitarian, spending your life creating solutions to problems that could rescue thousands of people from dire destitution and elevating their living standards to something remotely comparable of the standards you enjoy.

    I understand the temptation of a huge salary but I also want to achieve something with my life. I know a few people personally who want to go into finance (or other typical money making jobs) and most of them simply refuse to think about the above. They're so obsessed with making money that they are literally unable to think about the bigger picture. Another argument I hear is "As soon as I get rich, I'll get lots of money". This is a ridiculous argument because it's firstly not true (it's very easy to say you'll give away money you don't yet have) and secondly if you really cared about doing good, you would do the good yourself rather than getting other people to do the dirty work for you. I honestly cannot understand how people who want to go into finance do not feel that they are throwing their lives away simply in order to get a slightly more expensive house or a slightly more luxury car, but I would be interested in hearing your views. Is it simply a case of ignorance is bliss; that you can find self-contentment by only thinking about the comfortable truths? Or do you actually believe that you are achieving something real?
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    I doubt most people who go into finance have the potential to be truly great academics. I could be wrong though.

    I seem to remember a few users on here who were very interested in academia, but said that they weren't good enough to make a career of it, so they've gone into finance-type careers instead.
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    (Original post by nohomo)
    I doubt most people who go into finance have the potential to be truly great academics. I could be wrong though.

    I seem to remember a few users on here who were very interested in academia, but said that they weren't good enough to make a career of it, so they've gone into finance-type careers instead.
    Really? I find it hard to believe that finance is a kind of last resort. If you look at the graduates' career destinations from STEM courses like engineering and mathematics at top universities like Cambridge or Imperial, a huge proportion of them go into finance.
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    (Original post by Chlorophile)
    Really? I find it hard to believe that finance is a kind of last resort. If you look at the graduates' career destinations from STEM courses like engineering and mathematics at top universities like Cambridge or Imperial, a huge proportion of them go into finance.
    And a huge proportion of them couldn't be great academics.
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    (Original post by nohomo)
    And a huge proportion of them couldn't be great academics.
    But still, there are plenty of jobs that actually contribute something to society outside of academia. And there are lots of young people aiming towards finance even before they've gone to University. I know someone desperate to get into petrochemical engineering for the money, when he could easily be applying his skills in another, less destructive branch of engineering.
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    (Original post by Chlorophile)
    Why? If you're looking to go into this sector, I'm assuming you're very intelligent. You probably have a huge amount of academic potential. So why are you planning to waste it all in an industry that produces absolutely nothing?
    In the world economy, the financial sector enables everything else to exist. Healthcare and education whilst laudable, do not produce any wealth. On the contrary, they take from the economy in huge, wasteful chunks.
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    Because if you have lots of money, you have lots of power to do good to the world. :confused:
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    (Original post by Clip)
    In the world economy, the financial sector enables everything else to exist. Healthcare and education whilst laudable, do not produce any wealth. On the contrary, they take from the economy in huge, wasteful chunks.
    Do you really believe this? Do you seriously believe that the fact that Education and Healthcare is expensive means that it's not valuable? What happened to the basic human values of altruism?

    And please, don't pretend that people going into financial industries have any kind of an altruistic motive. Even if you accept the argument that the current financial system is in any way constructive, investment bankers et al are only generating profit for large corporations whilst taking away from the vulnerable and defenseless.

    (Original post by MJ1012)
    Because if you have lots of money, you have lots of power to do good to the world. :confused:
    This is a null argument. You can do much more good by actually doing good rather than paying other people to do good. Aid workers are doing incomparably more for humanity than bankers throwing money at them. And anyway, as I wrote in my original post, a lot of people try to justify their intentions by saying "I'll give lots of money to charity" but end up not doing that because it's very easy to say you'll give away a lot of money when you don't yet have that money, but once you have it and you have the choice between giving £50,000 to Oxfam and getting a shiny new car, they'll often choose the latter.
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    (Original post by Chlorophile)
    Do you really believe this? Do you seriously believe that the fact that Education and Healthcare is expensive means that it's not valuable? What happened to the basic human values of altruism?

    And please, don't pretend that people going into financial industries have any kind of an altruistic motive. Even if you accept the argument that the current financial system is in any way constructive, investment bankers et al are only generating profit for large corporations whilst taking away from the vulnerable and defenseless.



    This is a null argument. You can do much more good by actually doing good rather than paying other people to do good. Aid workers are doing incomparably more for humanity than bankers throwing money at them. And anyway, as I wrote in my original post, a lot of people try to justify their intentions by saying "I'll give lots of money to charity" but end up not doing that because it's very easy to say you'll give away a lot of money when you don't yet have that money, but once you have it and you have the choice between giving £50,000 to Oxfam and getting a shiny new car, they'll often choose the latter.
    Lol, is that a fact?
    The aid workers would be in poverty themselves if it weren't for bankers throwing money at them. You do know it wouldn't work if everyone in the world was a doctor right? We've advanced beyond that as we realised long ago that specialisation is effective.
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    (Original post by MJ1012)
    Lol, is that a fact?
    The aid workers would be in poverty themselves if it weren't for bankers throwing money at them. You do know it wouldn't work if everyone in the world was a doctor right? We've advanced beyond that as we realised long ago that specialisation is effective.
    Yes, that is a fact. I've been to several conferences on humanitarian technologies and a common theme they all seem to refer to is the delusion that people are making a big difference by giving money. Of course aid charities need money, but what they need more is creative minds actually thinking of novel new solutions. There are so many talented engineers in this planet who are more than capable of solving the majority of the world's problems. Unfortunately, they are all attracted to the industries that pay them the most, which tend to be the industries that cause the most damage in the first place.

    I'm not suggesting that everyone becomes a doctor or an aid worker, I'm suggesting that people actually do something constructive with their lives rather than being selfish and getting as much money as they can whilst living under the delusion that it's all okay because they're donating to charity. It's a comfortable lie that people tell themselves to legitimise what they're doing.
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    (Original post by Chlorophile)
    Do you really believe this? Do you seriously believe that the fact that Education and Healthcare is expensive means that it's not valuable? What happened to the basic human values of altruism?
    What I'm saying is that without any money, there's no altruism because everyone will be in the mire. No-one could afford to do anything.
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    I'm doing it for the Money Screw Human development!
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    (Original post by Chlorophile)
    Yes, that is a fact. I've been to several conferences on humanitarian technologies and a common theme they all seem to refer to is the delusion that people are making a big difference by giving money. Of course aid charities need money, but what they need more is creative minds actually thinking of novel new solutions. There are so many talented engineers in this planet who are more than capable of solving the majority of the world's problems. Unfortunately, they are all attracted to the industries that pay them the most, which tend to be the industries that cause the most damage in the first place.

    I'm not suggesting that everyone becomes a doctor or an aid worker, I'm suggesting that people actually do something constructive with their lives rather than being selfish and getting as much money as they can whilst living under the delusion that it's all okay because they're donating to charity. It's a comfortable lie that people tell themselves to legitimise what they're doing.
    Everyone has a different idea of constructive.

    You've said so yourself, people are attracted to money and charities need money, therefore we need rich bankers and businesses to fund charities and then maybe then they could afford the best engineers. Stop biting the hand that feeds you, there wouldn't be any money to fund charities if everyone worked for charities and the economy would stall, leading to a slower rate of medical, energy and agricultural technology improving. But as long as everyone feels they are "moral" right? :rolleyes:
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    (Original post by Clip)
    What I'm saying is that without any money, there's no altruism because everyone will be in the mire. No-one could afford to do anything.
    Yes, but the current financial system is not the only option. It's a system based on short term profits which is completely unsustainable. There are other ways of managing a global economy.

    (Original post by MJ1012)
    Everyone has a different idea of constructive.

    You've said so yourself, people are attracted to money and charities need money, therefore we need rich bankers and businesses to fund charities and then maybe then they could afford the best engineers. Stop biting the hand that feeds you, there wouldn't be any money to fund charities if everyone worked for charities and the economy would stall, leading to a slower rate of medical, energy and agricultural technology improving. But as long as everyone feels they are "moral" right? :rolleyes:
    No, we don't. You believe this because this is the situation in our current economic system, not because this is the way things have to be. The existence of this financial system does not in any way chance the people it governs. People would be exactly the same with or without it. If we had a different financial system based on a different kind of value rather than profits made off exploitation, then this wouldn't be the situation.

    Do you not understand that there's another solution?

    (Original post by tengentoppa)
    Because I care more for those around me than I do for humanity as a whole. I would rather allow my parents to retire happily, send my children to great schools and provide security for those around me than help humanity.

    Also, it's an exciting job with an opportunity to travel and make huge financial deals worth billions. Looking back on my life, I would look back on that as some achievement. Finance is a key part of the economy.

    So would I rather live a fulfilled life and help those close to me, or sacrifice myself to help people I don't give a **** about and who probably don't give a **** about me? Easy choice.
    So essentially, your rationale boils down to selfishness. I have to accept that, but I honestly cannot understand how you can live with that kind of an attitude.
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    (Original post by Chlorophile)
    Why? If you're looking to go into this sector, I'm assuming you're very intelligent. You probably have a huge amount of academic potential. So why are you planning to waste it all in an industry that produces absolutely nothing?

    Sure, you'll probably get very rich. But when you look back at your life, won't you feel an immense sense of dissatisfaction? You could have immortalised yourself by becoming a scientist and contributed nuggets of information to the collective human knowledge that will benefit humanity forever. You could have transformed the lives of young people by becoming a teacher, lighting the sparks of young minds and sharing your love of a subject. You could have become a humanitarian, spending your life creating solutions to problems that could rescue thousands of people from dire destitution and elevating their living standards to something remotely comparable of the standards you enjoy.

    I understand the temptation of a huge salary but I also want to achieve something with my life. I know a few people personally who want to go into finance (or other typical money making jobs) and most of them simply refuse to think about the above. They're so obsessed with making money that they are literally unable to think about the bigger picture. Another argument I hear is "As soon as I get rich, I'll get lots of money". This is a ridiculous argument because it's firstly not true (it's very easy to say you'll give away money you don't yet have) and secondly if you really cared about doing good, you would do the good yourself rather than getting other people to do the dirty work for you. I honestly cannot understand how people who want to go into finance do not feel that they are throwing their lives away simply in order to get a slightly more expensive house or a slightly more luxury car, but I would be interested in hearing your views. Is it simply a case of ignorance is bliss; that you can find self-contentment by only thinking about the comfortable truths? Or do you actually believe that you are achieving something real?
    Because I care more for those around me than I do for humanity as a whole. I would rather allow my parents to retire happily, send my children to great schools and provide security for those around me than help humanity.

    Also, it's an exciting job with an opportunity to travel and make huge financial deals worth billions. Looking back on my life, I would look back on that as some achievement. Finance is a key part of the economy.

    So would I rather live a fulfilled life and help those close to me, or sacrifice myself to help people I don't give a **** about and who probably don't give a **** about me? Easy choice.
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    (Original post by Chlorophile)
    Yes, but the current financial system is not the only option. It's a system based on short term profits which is completely unsustainable. There are other ways of managing a global economy.
    That's not going to happen, though. So many people who harp on about how the system is broken or unfair etc etc are making out that it's a computer game where you can just press start and choose a political and economic system and get going. Clearly, it's not like that. These systems developed organically over hundreds of years - it would be impossible to change them in a heartbeat without essentially plunging the world into another Dark Ages - and there would be no guarantee that everyone wouldn't just opt for capitalism again, anyway.

    There are no other global options. This isn't the choice of some kind of secret global elite. It's the choice of every merchant, trader, shopkeeper and barrowboy from antiquity onward.
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    (Original post by Chlorophile)
    Yes, but the current financial system is not the only option. It's a system based on short term profits which is completely unsustainable. There are other ways of managing a global economy.



    No, we don't. You believe this because this is the situation in our current economic system, not because this is the way things have to be. The existence of this financial system does not in any way chance the people it governs. People would be exactly the same with or without it. If we had a different financial system based on a different kind of value rather than profits made off exploitation, then this wouldn't be the situation.

    Do you not understand that there's another solution?



    So essentially, your rationale boils down to selfishness. I have to accept that, but I honestly cannot understand how you can live with that kind of an attitude.
    Go on then, give me an in depth breakdown of this revolutionary banking system where everyone benefits.
    If you can do so, you'd be able to what no other human as being ever been able to do, you must be pretty intelligent, maybe you should become a banker
    The world is selfish, are you only just realising that? The finance industry is no exception.
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    Firstly, OP - I am impressed. Very good question; I've been wondering about his myself - it's hard to answer (i want to get into Private Equity after University)

    personally; i see it as a role that is quite undercover. Ie, those in the financial sector create and manage funds that allow the country to run and exist without falling behind on growth. So, without a financial sector, no country can exist in the modern world.

    In terms of why i want to go into this sector, it is the pure fact that in an everchanging environment, and a mentally demanding sense, to study why some people can have good X but others choose not to have good X despite being able to. Ie how one decides where to put there money. Poor economics was a good read that helped me reach this view.
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    (Original post by Clip)
    That's not going to happen, though. So many people who harp on about how the system is broken or unfair etc etc are making out that it's a computer game where you can just press start and choose a political and economic system and get going. Clearly, it's not like that. These systems developed organically over hundreds of years - it would be impossible to change them in a heartbeat without essentially plunging the world into another Dark Ages - and there would be no guarantee that everyone wouldn't just opt for capitalism again, anyway.

    There are no other global options. This isn't the choice of some kind of secret global elite. It's the choice of every merchant, trader, shopkeeper and barrowboy from antiquity onward.
    Why? It's this kind of defeatist attitude that drives me mad. Obviously change isn't going to be possible if nobody wants change or does anything about it. It's a viscious circle. People see that there's little hope of change because nobody else can be bothered to do anything, and then they themselves do nothing because they're too demotivated. Which in turn demotivates others.

    Obviously it's going to be bloody hard. However, I honestly believe that some kind of a change in inevitable. The fact of the matter is that the current state of affairs is unsustainable. Humanity cannot survive off an economic system that exists purely for short term profit.

    (Original post by MJ1012)
    Go on then, give me an in depth breakdown of this revolutionary banking system where everyone benefits.
    If you can do so, you'd be able to what no other human as being ever been able to do, you must be pretty intelligent, maybe you should become a banker
    The world is selfish, are you only just realising that? The finance industry is no exception.
    Working out the technicalities of a new system isn't a challenge, it's been done numerous times by various experts. You're very welcome to research the work of people like Noam Chomsky or Naomi Klein but the crux of the issue is the corporate world. Corporations enabled the huge economic boom that kick started the true industrial revolution, but they've gone too far now. As I've already said, humanity will not be able to survive in a society that is based around short term economic gain because it's not sustainable. Practically every single natural system on the planet is dying because of the reckless actions of our economy. Ultimately, whilst people think that we're beyond nature, we're not. The entire system is inevitably going to come down crashing down on us unless something happens.
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    (Original post by Chlorophile)
    Why? It's this kind of defeatist attitude that drives me mad. Obviously change isn't going to be possible if nobody wants change or does anything about it. It's a viscious circle. People see that there's little hope of change because nobody else can be bothered to do anything, and then they themselves do nothing because they're too demotivated. Which in turn demotivates others.

    Obviously it's going to be bloody hard. However, I honestly believe that some kind of a change in inevitable. The fact of the matter is that the current state of affairs is unsustainable. Humanity cannot survive off an economic system that exists purely for short term profit.



    Working out the technicalities of a new system isn't a challenge, it's been done numerous times by various experts. You're very welcome to research the work of people like Noam Chomsky or Naomi Klein but the crux of the issue is the corporate world. Corporations enabled the huge economic boom that kick started the true industrial revolution, but they've gone too far now. As I've already said, humanity will not be able to survive in a society that is based around short term economic gain because it's not sustainable. Practically every single natural system on the planet is dying because of the reckless actions of our economy. Ultimately, whilst people think that we're beyond nature, we're not. The entire system is inevitably going to come down crashing down on us unless something happens.
    Right, so these systems aren't feasible then?
    Did they not take into account human nature?
 
 
 
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